Gresham House is to buy Aitchesse, a specialist UK commercial forestry manager, as it continues on its path of transforming itself into a specialist asset management business.
A subsidiary, Gresham House Holdings Ltd. (GHHL), has agreed to acquire Aitchesse funded from a combination of cash, loan notes and Gresham House shares.
On completion, the Company will pay £4m – £1.8m in cash, £0.7m in short term loan notes and £1.5m in Gresham House shares at 298.5 pence, based on last reported NAV at June 30. The remaining GBP3.7 million, made up of up to £1.5m of cash and £2.2m of shares, will be paid based on Aitchesse successfully delivering against performance targets for the period July 1 to Feb. 28, 2018.
The acquisition constitutes a reverse takeover and is conditional on Gresham House Shareholders’ approval which will be sought at a General Meeting to be held on Nov. 20.
GHE : Gresham House buys Forestry Manager